Banks urged to better serve real economy

Chinese leaders on Friday urged banks to improve financial services for the country's real economy, especially agriculture and small firms. China's economic transition and restructuring have set higher requirements for the country's financial sector, Premier Wen Jiabao said in a congratulatory letter read during a ceremony held in Beijing to celebrate the centenary anniversary of the establishment of the Bank of China (BOC), one of the country's major four state-owned lenders. Wen hailed the BOC as a "significant window for China's opening-up and a major channel for raising funds overseas," saying the BOC has greatly supported economic and foreign trade growth. The BOC should further enhance corporate governance and improve management and financial services to make new contributions to China's economic development, Wen said. Vice Premier Li Keqiang attended the ceremony and urged the country's financial institutions to better support agriculture and small businesses. The real economy and the sustainable growth of the financial sector are mutually dependent, Li said in a speech. Financial firms should strengthen their competitive power and ability to resist risks, he said.